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Binance recovers $4.4 billion in user assets
Binance: Rug Pull and user deposit errors reach peak
Binance recovers $4.4 billion in user assets
Bloomberg
Quoting a Binance report, it is stated that Binance resolved 381,616 cases of user deposits not being credited in 2022 and 2023. The reasons for non-crediting may include:
Incorrect wallet address entry
Depositing to different blockchain addresses
Blockchain upgrade issues
Binance stated that during these two years, they have recovered $4.4 billion worth of crypto assets for users.
Binance: Rug Pull and user deposit errors reach peak
Jimmy Su, Binance’s Chief Security Officer, stated in an interview that with the market sentiment turning bullish, situations such as Rug Pull and improper user fund management will see an upward trend:
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When we are in a bear market, we do see a decline in Rug Pull cases. However, with the market recovering, we will definitely see the situation worsen again. Additionally, with new users entering the market, deposit errors are expected to continue occurring. Most beginners face many challenges in operating wallets, and this is part of the process of the crypto industry maturing.
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Binance $4.3 billion fine settled, Zhao Changpeng awaits sentencing by the end of April and still unable to leave the country
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Rug Pull
Binance
Further reading
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